October 12, 2012
The Most Expensive Home Ever Sold In San Francisco Is...
While the listing for 2845 Broadway at $38,500,000 was quietly removed from the MLS without a reported sale last week, as a tipster notes, the unfinished Gold Coast property which is currently owned by the Sperlings is actually under contract to be sold.
As plugged-in people know, the site upon which 2845 Broadway was built was purchased for $32 million in 2002, the cost of construction for the 17,500 square foot main home and 6,000 square foot guest house has already reached roughly $20 million, and the "buzz among brokers" is that it will cost another $8-16 million to finish the build.
Originally listed for $65,000,000 in 2006, if the sale of 2845 Broadway closes within 14 percent of its most recent list price it will be the most expensive home ever sold in San Francisco, relegating 2840 Broadway to the penultimate position at $33,000,000.
In terms of the buyer, we haven't yet been able to confirm, but as always, we'll keep you posted and plugged-in.
∙ The $65,000,000 House [SocketSite]
∙ Over $50 Million Invested And Now Asking $38.5M For 2845 Broadway [SocketSite]
∙ Behind The Sperling’s Shocking "Sale" Of 2323 Hyde For $9,000,000 [SocketSite]
∙ The Confidential Sale Price For 2840 Broadway On Billionaire’s Row [SocketSite]
First Published: October 12, 2012 8:30 AM
Comments from "Plugged In" Readers
Somewhere recently I predicted that this lot would be sold. Not surprised here at all. May as well take this one off the map because whoever bought it will likely never sell it again. And while I at one point predicted that this would be purchased by a specific individual; I'm not so sure now. Wouldn't be surprised if Ellison snatched it up. The short list of buyers here is probably less than 10 or 12 people. This will leak eventually.
Posted by: Eddy at October 12, 2012 9:04 AM
The end of an era! Maybe... If it closes, I'm guessing it goes below 2840. I wonder if they'll just tear this mess down or finish it as is? Should be interesting to watch.
Posted by: Denis at October 12, 2012 9:47 AM
Any guesses on the buyer?
Does the name start with "P" and end with "cus"?
Posted by: Joshua at October 12, 2012 10:29 AM
A tear down?
Posted by: PDXer at October 12, 2012 10:53 AM
I wonder who?
-Larry Ellison? He likes to collect home?
-Marc Benioff? His family is growing?
Posted by: MarinaBoy at October 12, 2012 11:06 AM
I doubt its Pincus seeing as how he just bought the place next door; although he'd certainly have a good view of it. Larry E, Mark Z, half dozen PE/VC guys, Russian oligarch(s). The only initial I can say with relative certainty, is that the owner here will more than likely have a "B" attached to their net worth.
Posted by: eddy at October 12, 2012 11:31 AM
Pincus can barely afford the place he just bought next door, so prolly not him. Benioff doesn't have a very large house for a billionaire, but Tim Cook is currently living way below his means. Maybe the apple stock peak has him thinking about an upgrade. Warren Hellman has his heirs, too. Hard to say in a place with so many billionaires.
Posted by: philip themholes at October 12, 2012 11:50 AM
Yeah, the buyer here need to be a billionaire a few times over... It'll cost probably 20+ million to fix this thing. Furnishings alone with a top designer will run 10+ million. Seriously, I'd demo this Sumarian-revival mess and start over.
Posted by: Denis at October 12, 2012 11:58 AM
"A tear down?"
I remember walking my dog through the empty lot back in the day. It made a nice empty lot. Nice view. Still... not likely an experience to be repeated.
Posted by: BobN at October 12, 2012 12:06 PM
"Seriously, I'd demo this Sumarian-revival mess and start over."
I can't say I love it, but I was thinking to myself that I'm grateful the remaining work is interior. Imagine the ugly battle over "context" for a new design. Dwell-NIMBYS vs. Cape-Cod-NIMBYS. Shudder.
Posted by: BobN at October 12, 2012 12:12 PM
eddy's comment is interesting. The immediate neighborhood is changing, with new money all over. The older families are still here because they have stayed put. In another time, the houses would have been resold to children of the neighbors, or to people who might have been had they chosen the right father.
Instead it is really new money with different tastes and no local roots.
It will be very interesting to see how they all get along over the next couple of decades.
Posted by: conifer at October 12, 2012 12:25 PM
Maybe David and Jackie Siegal needed a new home on the west coast. Suits their taste.
Posted by: dakota at October 12, 2012 12:43 PM
I actually don't mind the house at all I actually like the design and love the open interior courtyard with the giant garage in the back for all the cars and toys. I hope a local SF family purchased it instead of someone from out of the country. Can't wait to see who it is?!?
Posted by: MarinaBoy at October 12, 2012 2:18 PM
OK, this is my last post for today on this place unless the buyers name emerges. And I think its safe to assume that it will not. For now.
Although this is pulled from the MLS, it is showing as "In Escrow" on the Warwick Properties page. I'm sure they will put it back on the MLS when it closes escrow with the final sales price per MLS rules. I mean, its been on the the MLS for the better part of 6 years. Don't you sort of owe it to give back to the MLS gods.
I'll add that I don't have any real problem with this house in its current state. I kind of like what they were trying to do here. With that in mind, if I had a multi-billion fortune, I would certainly be hiring a few firms to study the lot and the land to challenge what is on site and give me a few proposals on what could be built there. I wouldn't let the existing structure get in my way.
Lastly, it's not out of the real of possibility that a well heeled developer didn't buy this home with the idea of tearing down the place and subdividing the lot for further development. Two block wide parcels with super high end custom homes would probably / easily hit the $65M price tag that was once bestowed upon this lot.
Posted by: eddy at October 12, 2012 2:54 PM
Wow. This is the house that brought me to SS 5 years ago while googling a former boss. Nuf said on that matter...
The style is ok as far as manses are concerned. The materials are french limestone. If they tear it down I'll come haul the stone out myself.
Posted by: lol at October 12, 2012 3:16 PM
Maybe they'll be Anderson Valley High School graduates from Boonville and I can compare meth cooking notes? I'm hoping for Jay-Z and Beyonce. Construction on interior will take years though. And with remodel of Dodi's house in front and Pincus on side and new Apple guy next to Russians and nice Facebook couple down skateboard driveway, lots of hammering. Goliath will have to stand guard!
Posted by: robert at October 12, 2012 6:54 PM
@ Robert: What are you really trying to say?
Posted by: futurist at October 13, 2012 4:21 PM
At 11:31 AM, eddy wrote:
I doubt its Pincus seeing as how he just bought the place next door; although he'd certainly have a good view of it. Larry E, Mark Z, half dozen PE/VC guys, Russian oligarch(s)…
No hedge fund managers or high finance types other than private equity or venture capital? Really?
Actually, other than a high finance type, you left out the most likely candidate in my book: a mainland Chinese princeling or other member of the so-called Red Nobility.
Posted by: Brahma (incensed renter) at October 13, 2012 9:33 PM
@Brahma, anything is possible and I wouldn't rule anything out. But we haven't yet seen or heard of any of these types purchasing a major parcel here in San Francisco. Time will tell.
Posted by: Eddy at October 14, 2012 8:08 AM
Posted by: not tipster at October 17, 2012 9:56 PM
If so, I doubt that this will be torn down. There couldn't be a better buyer for this home. The construction will be the least of the neighbors problems. Congrats!
Posted by: eddy at October 17, 2012 10:51 PM
David Sacks, CEO of Yammer bought it
Posted by: one off at October 18, 2012 4:59 PM
Posted by: SocketSite at November 2, 2012 11:57 AM
Do you have a link to that deed?
Posted by: CJ at December 19, 2012 9:42 AM